UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas
By Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…
Avoid Penalties Under Unclaimed Property Laws with Best Practices for Compliance
By Janna Goudarzi, CPA | Nonprofit Tax Manager All 50 states have unclaimed property laws (also known as escheat laws) that require organizations to make reasonable efforts to contact those to whom they owe money or property and then remit any unpaid items to the state. These rules generally apply to all entities, including exempt…
Implementing FASB’s Updated Lease Accounting Standard, ASU 2016-02 (Topic 842)
Nonprofit organizations with fiscal years beginning after December 15, 2019 (and in interim periods within fiscal years beginning after December 15, 2020) must implement the Financial Accounting Standards Board’s (FASB) updated lease accounting standard, ASU 2016-02 (Topic 842). With this year’s deadline looming for many, now is the time to learn what your organization must…
Update on DC Tax Exempt Organization Renewal
As a follow up to the Industry Alert sent on December 18, 2018, Gelman, Rosenberg & Freedman CPAs’ (GRF) Nonprofit Tax group is reminding organizations that the District of Columbia (DC) Office of Tax and Revenue (OTR) has begun expiring all DC tax exemptions issued more than four years ago. The renewal process itself has…
Is it Time to Rebid Your Vendor Contracts?
While it’s great to have a good rapport with your vendors, it’s important to ensure the relationship remains businesslike. Vendors who know there is a threat that they could lose your contract are more likely to focus on staying competitive. And when the vendor is, for example, a retirement plan third-party administrator or recordkeeper, you’ve…